Risk management in industry 4.0 - Revision history

S190056: /* Limitations */

2019-03-04T22:52:08Z

Limitations

← Older revision		Revision as of 22:52, 4 March 2019
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	As all the frameworks, this new design of risk management might find some obstacles,		As all the frameworks, this new design of risk management might find some obstacles,
	for instance, the risk analysis in this case could be too expensive, since the large amount of data and the preparation of new risk management.		for instance, the risk analysis in this case could be too expensive, since the large amount of data and the preparation of new risk management.
	Furthermore, there are several obstacles to scaling Industry 4.0 beyond the initial, controlled pilot. Connecting disparate and distributed assets still takes too much time, is too complex, and involves too many standards. ~~But even~~ beyond the automation of physical operations, the two biggest ~~hurdles~~ to deploying at scale are organizational rather than technical:		Furthermore, there are several obstacles to scaling Industry 4.0 beyond the initial, controlled pilot. Connecting disparate and distributed assets still takes too much time, is too complex, and involves too many standards. Also beyond the automation of physical operations, the two biggest obstacles to deploying at scale are organizational rather than technical:
	* Manufacturing managers are used to trusting instincts rather than data. A deep cultural ~~shift~~ is ~~required~~ in that managers must adopt a different style, ~~where~~ they learn to systematically leverage data to optimize equipment reliability and overall supply chain performance. Any manufacturing analytics solution must be able to support this transition to “smart analytics.”		* Manufacturing managers are used to trusting instincts rather than data. a deep cultural change is needed in that managers must adopt a different style, in which they learn to systematically leverage data to optimize equipment reliability and overall supply chain performance. Any manufacturing analytics solution must be able to support this transition to “smart analytics.”
	* Governance has become decentralized but must be balanced between centralization of technology investments and freedom of individual factories. The centralization of expensive technology investment is ~~indispensable~~ for economies of scale, ~~yet~~ factories must be ~~allowed~~ to pilot and adopt new tools.		* Governance has become decentralized but must be balanced between centralization of technology investments and freedom of individual factories. The centralization of expensive technology investment is essential for economies of scale, but factories must be autorized to pilot and adopt new tools.
	More and more companies are transitioning to “analytics factories,” ~~which~~ support innovation by operational teams while accelerating the development of data-driven management ~~expertise~~. They are also innovating by, for ~~example~~, combining their traditional, though somewhat inflexible, Manufacturing Execution System (MES) operational backbone with more ~~nimble~~ and flexible analytics on top of IoT platforms - ~~enabling~~ the benefits of data-driven operations.		More and more companies are transitioning to “analytics factories,” that support innovation by operational teams while accelerating the development of data-driven management skills. They are also innovating by, for instance, combining their traditional, though somewhat inflexible, Manufacturing Execution System (MES) operational backbone with more agile and flexible analytics on top of IoT platforms - allowing the benefits of data-driven operations.

	== Conclusion ==		== Conclusion ==

S190056: /* Annotated bibliography */

2019-03-04T21:34:52Z

Annotated bibliography

← Older revision		Revision as of 21:34, 4 March 2019
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	== Annotated bibliography ==		== Annotated bibliography ==

	* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and try to solve it. Since it does not give an in-depth image of the Industry 4.0 and risk management, I ~~tried~~ to better elaborate on these topics.		* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and try to solve it. Since it does not give an in-depth image of the Industry 4.0 and risk management, I aimed to better elaborate on these topics.

	* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and illustrates how management should face up the new technological challenges of Industry 4.0.		* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and illustrates how management should face up the new technological challenges of Industry 4.0.

S190056: /* Annotated bibliography */

2019-03-04T21:31:09Z

Annotated bibliography

← Older revision		Revision as of 21:31, 4 March 2019
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	* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and try to solve it. Since it does not give an in-depth image of the Industry 4.0 and risk management, I tried to better elaborate on these topics.		* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and try to solve it. Since it does not give an in-depth image of the Industry 4.0 and risk management, I tried to better elaborate on these topics.

	* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and ~~explains~~ how management should face up the new technological challenges of Industry 4.0.		* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and illustrates how management should face up the new technological challenges of Industry 4.0.

	* '''From Information Security Management to Enterprise Risk Management ''' This report explains how risks are spreading due to new technologies and gives some important details on cyber-security.		* '''From Information Security Management to Enterprise Risk Management ''' This report explains how risks are spreading due to new technologies and gives some important details on cyber-security.

S190056: /* Monitoring and controls */

2019-03-04T21:30:00Z

Monitoring and controls

← Older revision		Revision as of 21:30, 4 March 2019
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	It is important to outline that risks should be monitored, reviewed and controlled steadily. Risk control is carried out by constantly monitoring the identified risks and identifying and analyzing the new risks. Risks and the effectiveness of controls and mitigations should be assessed throughout the project life cycle.		It is important to outline that risks should be monitored, reviewed and controlled steadily. Risk control is carried out by constantly monitoring the identified risks and identifying and analyzing the new risks. Risks and the effectiveness of controls and mitigations should be assessed throughout the project life cycle.

	Moreover, the last few years has seen the emergence of Enterprise Risk Management (ERM), which is often denoted as a new business trend that builds on the principles of traditional risk management. It is a more structured and disciplined approach that coordinates strategy, processes, people, technology and knowledge, with the intent of evaluating and managing the uncertainties the enterprise faces as it creates value.<ref name="RMP"> "https://books.google.dk/books?id=2A81gjG9swMC&pg=PA227&lpg=PA227&dq=more+structured+and+disciplined+approach+that+aligns+strategy,+processes,+people,+technology+and+knowledge,+with+the+purpose+of+evaluating+and+managing+the+uncertainties+the+enterprise+faces+as+it+creates&source=bl&ots=ATdO4rfiu_&sig=ACfU3U2_kcS-fFv8y8eFPzO65aZYH-VWtA&hl=it&sa=X&ved=2ahUKEwi0po_tlungAhXIlosKHeI-A-sQ6AEwAHoECAIQAQ#v=onepage&q=more%20structured%20and%20disciplined%20approach%20that%20aligns%20strategy%2C%20processes%2C%20people%2C%20technology%20and%20knowledge%2C%20with%20the%20purpose%20of%20evaluating%20and%20managing%20the%20uncertainties%20the%20enterprise%20faces%20as%20it%20creates&f=false"/"The Risk Management Process: Business Strategy and Tactics" </ref>		Moreover, the last few years has seen the emergence of Enterprise Risk Management (ERM), which is often denoted as a new business trend that builds on the principles of traditional risk management. It is a more structured and disciplined approach that coordinates strategy, processes, people, technology and knowledge, with the intent of evaluating and managing the uncertainties the enterprise faces as it creates value.

	== Risk management and performance ==		== Risk management and performance ==

S190056: /* Annotated bibliography */

2019-03-04T21:27:26Z

Annotated bibliography

← Older revision		Revision as of 21:27, 4 March 2019
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	== Annotated bibliography ==		== Annotated bibliography ==

	* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and ~~how~~ to ~~figure~~ it ~~out~~. Since it does not give an in-depth image of the Industry 4.0 and risk management, I tried to better elaborate on these topics.		* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and try to solve it. Since it does not give an in-depth image of the Industry 4.0 and risk management, I tried to better elaborate on these topics.

	* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and explains how management should face up the new technological challenges of Industry 4.0.		* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and explains how management should face up the new technological challenges of Industry 4.0.

S190056: /* Monitoring and controls */

2019-03-04T19:29:58Z

Monitoring and controls

← Older revision		Revision as of 19:29, 4 March 2019
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	It is important to outline that risks should be monitored, reviewed and controlled steadily. Risk control is carried out by constantly monitoring the identified risks and identifying and analyzing the new risks. Risks and the effectiveness of controls and mitigations should be assessed throughout the project life cycle.		It is important to outline that risks should be monitored, reviewed and controlled steadily. Risk control is carried out by constantly monitoring the identified risks and identifying and analyzing the new risks. Risks and the effectiveness of controls and mitigations should be assessed throughout the project life cycle.

	Moreover, the last few years has seen the emergence of Enterprise Risk Management (ERM), which is often denoted as a new business trend that builds on the principles of traditional risk management. It is a more structured and disciplined approach that ~~aligns~~ strategy, processes, people, technology and knowledge, with the intent of evaluating and managing the uncertainties the enterprise faces as it creates value.<ref name="RMP"> "https://books.google.dk/books?id=2A81gjG9swMC&pg=PA227&lpg=PA227&dq=more+structured+and+disciplined+approach+that+aligns+strategy,+processes,+people,+technology+and+knowledge,+with+the+purpose+of+evaluating+and+managing+the+uncertainties+the+enterprise+faces+as+it+creates&source=bl&ots=ATdO4rfiu_&sig=ACfU3U2_kcS-fFv8y8eFPzO65aZYH-VWtA&hl=it&sa=X&ved=2ahUKEwi0po_tlungAhXIlosKHeI-A-sQ6AEwAHoECAIQAQ#v=onepage&q=more%20structured%20and%20disciplined%20approach%20that%20aligns%20strategy%2C%20processes%2C%20people%2C%20technology%20and%20knowledge%2C%20with%20the%20purpose%20of%20evaluating%20and%20managing%20the%20uncertainties%20the%20enterprise%20faces%20as%20it%20creates&f=false"/"The Risk Management Process: Business Strategy and Tactics" </ref>		Moreover, the last few years has seen the emergence of Enterprise Risk Management (ERM), which is often denoted as a new business trend that builds on the principles of traditional risk management. It is a more structured and disciplined approach that coordinates strategy, processes, people, technology and knowledge, with the intent of evaluating and managing the uncertainties the enterprise faces as it creates value.<ref name="RMP"> "https://books.google.dk/books?id=2A81gjG9swMC&pg=PA227&lpg=PA227&dq=more+structured+and+disciplined+approach+that+aligns+strategy,+processes,+people,+technology+and+knowledge,+with+the+purpose+of+evaluating+and+managing+the+uncertainties+the+enterprise+faces+as+it+creates&source=bl&ots=ATdO4rfiu_&sig=ACfU3U2_kcS-fFv8y8eFPzO65aZYH-VWtA&hl=it&sa=X&ved=2ahUKEwi0po_tlungAhXIlosKHeI-A-sQ6AEwAHoECAIQAQ#v=onepage&q=more%20structured%20and%20disciplined%20approach%20that%20aligns%20strategy%2C%20processes%2C%20people%2C%20technology%20and%20knowledge%2C%20with%20the%20purpose%20of%20evaluating%20and%20managing%20the%20uncertainties%20the%20enterprise%20faces%20as%20it%20creates&f=false"/"The Risk Management Process: Business Strategy and Tactics" </ref>

	== Risk management and performance ==		== Risk management and performance ==

S190056: /* Monitoring and controls */

2019-03-04T19:20:48Z

Monitoring and controls

← Older revision		Revision as of 19:20, 4 March 2019
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	It is important to outline that risks should be monitored, reviewed and controlled steadily. Risk control is carried out by constantly monitoring the identified risks and identifying and analyzing the new risks. Risks and the effectiveness of controls and mitigations should be assessed throughout the project life cycle.		It is important to outline that risks should be monitored, reviewed and controlled steadily. Risk control is carried out by constantly monitoring the identified risks and identifying and analyzing the new risks. Risks and the effectiveness of controls and mitigations should be assessed throughout the project life cycle.

	Moreover, the last few years has seen the emergence of Enterprise Risk Management (ERM), which is often denoted as a new business trend that builds on the principles of traditional risk management. It is a more structured and disciplined approach that aligns strategy, processes, people, technology and knowledge, with the ~~purpose~~ of evaluating and managing the uncertainties the enterprise faces as it creates value.<ref name="RMP"> "https://books.google.dk/books?id=2A81gjG9swMC&pg=PA227&lpg=PA227&dq=more+structured+and+disciplined+approach+that+aligns+strategy,+processes,+people,+technology+and+knowledge,+with+the+purpose+of+evaluating+and+managing+the+uncertainties+the+enterprise+faces+as+it+creates&source=bl&ots=ATdO4rfiu_&sig=ACfU3U2_kcS-fFv8y8eFPzO65aZYH-VWtA&hl=it&sa=X&ved=2ahUKEwi0po_tlungAhXIlosKHeI-A-sQ6AEwAHoECAIQAQ#v=onepage&q=more%20structured%20and%20disciplined%20approach%20that%20aligns%20strategy%2C%20processes%2C%20people%2C%20technology%20and%20knowledge%2C%20with%20the%20purpose%20of%20evaluating%20and%20managing%20the%20uncertainties%20the%20enterprise%20faces%20as%20it%20creates&f=false"/"The Risk Management Process: Business Strategy and Tactics" </ref>		Moreover, the last few years has seen the emergence of Enterprise Risk Management (ERM), which is often denoted as a new business trend that builds on the principles of traditional risk management. It is a more structured and disciplined approach that aligns strategy, processes, people, technology and knowledge, with the intent of evaluating and managing the uncertainties the enterprise faces as it creates value.<ref name="RMP"> "https://books.google.dk/books?id=2A81gjG9swMC&pg=PA227&lpg=PA227&dq=more+structured+and+disciplined+approach+that+aligns+strategy,+processes,+people,+technology+and+knowledge,+with+the+purpose+of+evaluating+and+managing+the+uncertainties+the+enterprise+faces+as+it+creates&source=bl&ots=ATdO4rfiu_&sig=ACfU3U2_kcS-fFv8y8eFPzO65aZYH-VWtA&hl=it&sa=X&ved=2ahUKEwi0po_tlungAhXIlosKHeI-A-sQ6AEwAHoECAIQAQ#v=onepage&q=more%20structured%20and%20disciplined%20approach%20that%20aligns%20strategy%2C%20processes%2C%20people%2C%20technology%20and%20knowledge%2C%20with%20the%20purpose%20of%20evaluating%20and%20managing%20the%20uncertainties%20the%20enterprise%20faces%20as%20it%20creates&f=false"/"The Risk Management Process: Business Strategy and Tactics" </ref>

	== Risk management and performance ==		== Risk management and performance ==

S190056: /* Monitoring and controls */

2019-03-04T19:11:57Z

Monitoring and controls

← Older revision		Revision as of 19:11, 4 March 2019
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	It is important to outline that risks should be monitored, reviewed and controlled steadily. Risk control is carried out by constantly monitoring the identified risks and identifying and analyzing the new risks. Risks and the effectiveness of controls and mitigations should be assessed throughout the project life cycle.		It is important to outline that risks should be monitored, reviewed and controlled steadily. Risk control is carried out by constantly monitoring the identified risks and identifying and analyzing the new risks. Risks and the effectiveness of controls and mitigations should be assessed throughout the project life cycle.

	Moreover, the last few years has seen the emergence of Enterprise Risk Management (ERM), which is often denoted as a new business trend that builds on the principles of traditional risk management. It is a more structured and disciplined approach that aligns strategy, processes, people, technology and knowledge, with the purpose of evaluating and managing the uncertainties the enterprise faces as it creates value. ~~ISO 31000 represents a family of standards~~ that ~~seeks to provide unified~~ and ~~generic guidelines by means~~ of ~~an industry~~-~~independent risk management approach.~~		Moreover, the last few years has seen the emergence of Enterprise Risk Management (ERM), which is often denoted as a new business trend that builds on the principles of traditional risk management. It is a more structured and disciplined approach that aligns strategy, processes, people, technology and knowledge, with the purpose of evaluating and managing the uncertainties the enterprise faces as it creates value.<ref name="RMP"> "https://books.google.dk/books?id=2A81gjG9swMC&pg=PA227&lpg=PA227&dq=more+structured+and+disciplined+approach+that+aligns+strategy,+processes,+people,+technology+and+knowledge,+with+the+purpose+of+evaluating+and+managing+the+uncertainties+the+enterprise+faces+as+it+creates&source=bl&ots=ATdO4rfiu_&sig=ACfU3U2_kcS-fFv8y8eFPzO65aZYH-VWtA&hl=it&sa=X&ved=2ahUKEwi0po_tlungAhXIlosKHeI-A-sQ6AEwAHoECAIQAQ#v=onepage&q=more%20structured%20and%20disciplined%20approach%20that%20aligns%20strategy%2C%20processes%2C%20people%2C%20technology%20and%20knowledge%2C%20with%20the%20purpose%20of%20evaluating%20and%20managing%20the%20uncertainties%20the%20enterprise%20faces%20as%20it%20creates&f=false"/"The Risk Management Process: Business Strategy and Tactics" </ref>

	== Risk management and performance ==		== Risk management and performance ==

S190056: /* Annotated bibliography */

2019-03-04T19:03:31Z

Annotated bibliography

← Older revision		Revision as of 19:03, 4 March 2019
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	* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and how to figure it out. Since it does not give an in-depth image of the Industry 4.0 and risk management, I tried to better elaborate on these topics.		* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and how to figure it out. Since it does not give an in-depth image of the Industry 4.0 and risk management, I tried to better elaborate on these topics.


	* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and explains how management should face up the new technological challenges of Industry 4.0.		* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and explains how management should face up the new technological challenges of Industry 4.0.


	* '''From Information Security Management to Enterprise Risk Management ''' This report explains how risks are spreading due to new technologies and gives some important details on cyber-security.		* '''From Information Security Management to Enterprise Risk Management ''' This report explains how risks are spreading due to new technologies and gives some important details on cyber-security.

S190056: /* Annotated bibliography */

2019-03-04T19:03:19Z

Annotated bibliography

← Older revision		Revision as of 19:03, 4 March 2019
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	* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and how to figure it out. Since it does not give an in-depth image of the Industry 4.0 and risk management, I tried to better elaborate on these topics.		* '''Aspects of risk management implementation for Industry 4.0''' This paper has been the starting point to understand the problem and how to figure it out. Since it does not give an in-depth image of the Industry 4.0 and risk management, I tried to better elaborate on these topics.


	* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and explains how management should face up the new technological challenges of Industry 4.0.		* '''Management approaches for Industry 4.0: A human resource management perspective''' The article provides a very good description of Industry 4.0 and explains how management should face up the new technological challenges of Industry 4.0.


	* '''From Information Security Management to Enterprise Risk Management ''' This report explains how risks are spreading due to new technologies and gives some important details on cyber-security.		* '''From Information Security Management to Enterprise Risk Management ''' This report explains how risks are spreading due to new technologies and gives some important details on cyber-security.